Qatar firm to build major steel plant in Algeria

Algiers, November 8, 2012

Qatar International, a joint venture by Qatar Steel and Qatar Mining, secured a deal to build, own and operate a $2 billion steel plant in Algeria, state media said, which would be the country's second after a plant owned by ArcelorMittal.

Qatar International will hold 49 percent and Algerian state firm Sider 51 percent in the plant, which will start production from 2017 with an initial capacity of 2 million tonnes per year before reaching 5 million tonnes later.

Qatar Steel is a wholly owned subsidiary of Industries Qatar.

The agreement was ratified on Wednesday in Algiers in the presence of Qatar's Economy and Finance Minister Youssef Hussain Kamal and the Algerian Industry and Investment Promotion Minister Cherif Rahmani, state radio said on Thursday. - Reuters